Solana is in the driver’s seat of DeFi once again, outperforming all other chains in 24-hour DEX volume for the fourth consecutive day.
With over $2.5 billion flowing through its decentralized exchanges in the past 24 hours, Solana continues to solidify its position as the most active chain for on-chain trading, edging out Ethereum, Base, and BNB in daily usage.
The Current Momentum Isn’t An Anomaly
Solana’s total value locked stands at $7.02 billion, according to DeFiLlama, with major DeFi protocols seeing impressive growth. Liquid staking leader Jito tops the list with $2.19 billion in TVL, followed closely by Jupiter and Kamino, both of which have gained over 19% in the last seven days.
Sanctum, another native protocol, has surged more than 40% in just one week, suggesting a flood of liquidity and growing investor confidence across the blockchain’s DeFi stack.
Raydium and Meteora, two core players in Solana’s DEX scene, are also showing significant fee generation, with Raydium pulling in $1.18 million in fees in a single day. These metrics paint a picture of a healthy, high-volume trading environment driven by both retail and institutional players.
User Metrics Confirm Solana’s Ecosystem Strength
The spike in DEX activity is mirrored by on-chain user data. Daily active addresses have climbed back to 4 million after a mid-March dip, and monthly address counts are holding steady above 5 million. This indicates not only repeat usage but also sustained network stickiness—something most L1s have struggled to maintain after the hype cycle.
Solana’s dominance extends beyond trading volume. It’s also leading in new token deployments on DEXs. Data from Dune shows that the blockchain is far outpacing Ethereum and Base in new listings, suggesting it is the chain of choice for memecoin launches, grassroots projects, and community-led experiments.
Lastly, SOL is trading at $128 with a market cap of $66 billion, slightly down on the day but still up 23% over the past week. Large whale transactions exceeding $100 million in SOL have been observed in recent days, likely tied to positioning ahead of Canada’s upcoming spot Solana ETFs that include staking rewards.
